Uzma Khan Answered question November 8, 2024
In Islamic teachings, risk and uncertainty (gharar) in business are allowed only to a limited extent. A Muslim should evaluate whether the risk is within acceptable bounds and does not involve excessive speculation or harm. The following steps can be taken:
- Assess the Level of Risk: Ensure that the risk is a natural part of the business rather than avoidable uncertainty, as excessive gharar is prohibited.
- Transparency: Maintain honesty and openness in all business dealings to avoid unethical practices [6].
- Compliance with Shariah: Verify that the venture aligns with Islamic values, avoiding prohibited activities like usury (riba) or gambling.
By following these steps, a Muslim can ensure that their business practices are both ethically sound and Shariah-compliant.
Asad Salam Answered question November 6, 2024